Hyperloop One, the company of the future that builds passenger and freight lines between cities at speeds similar to those of airplanes, appears to be closing.
Hyperloop One, a former high-profile startup that had raised more than $450 million since 2014, is in trouble. After a period of growth, the company laid off most of its employees and is trying to sell off its assets, including its test track and machinery. The company was renamed Virgin Hyperloop One after investment , but decided last year to drop the brand.
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The company, which employed more than 200 people as of early 2022, has closed its Los Angeles office. DP World, which has backed the company since 2016 and held the largest stake, is set to acquire the remaining intellectual property. Hyperloop One shareholders now own the company after a merger in April. The company, which has attracted public interest since its inception in 2014, is now in the process of selling assets and facing financial problems.
Hyperloop One, despite its efforts, has faced problems and failed to secure a contract to build an operational Hyperloop system. However, the company has faced internal setbacks, such as the departure of co-founder Brogan BamBrogan, as well as sexual harassment allegations against venture capitalist Servyn Pisevar. Nevertheless, the Hyperloop concept continues to attract entrepreneurs, with companies such as Hardt Hyperloop, Hyperloop Transportation Technologies Inc., and Swisspod Technologies.
Elon Musk is also promoting the sector through competitions for students and through his company Boring Co., which focuses on tunnel technology
Source: bloomberg.com
